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Local Government Act 2002

Regulations, other Orders in Council, and rules - Regulations

259E: Effect of amendments to, or replacement of, standards incorporated by reference in regulations

You could also call this:

"What happens when rules are changed or replaced in laws about financial reporting"

When a standard is changed or replaced, you need to know how it affects the regulations. If the External Reporting Board changes or replaces a financial reporting standard under the Financial Reporting Act 2013, it has legal effect as part of the initial regulations. This happens if the change or replacement is of the same general character as the standard and the initial regulations say so.

The change or replacement takes effect on the dates stated in the Financial Reporting Act 2013, specifically under sections 27 and 28. You can find these details in the Financial Reporting Act 2013. The dates are when the amendment or replacement commences to apply as part of the initial regulations.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4926337.

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Part 11Regulations, other Orders in Council, and rules
Regulations

259EEffect of amendments to, or replacement of, standards incorporated by reference in regulations

  1. An amendment to, or replacement of, a financial reporting standard incorporated by reference in regulations made under section 259(1)(dc) (the initial regulations) has legal effect, and commences to apply, as part of the initial regulations on and from the dates referred to in subsection (2) if—

  2. the amendment or replacement is made by the External Reporting Board in accordance with the Financial Reporting Act 2013; and
    1. the amendment or replacement is of the same general character as the standard amended or replaced; and
      1. the initial regulations state that amendments or replacements have this effect.

        1. An amendment to, or replacement of, a financial reporting standard has legal effect as part of the initial regulations on and from the dates on which the amendment or replacement takes effect, and commences to apply, under sections 27 and 28 of the Financial Reporting Act 2013.

        Notes
        • Section 259E: inserted, on , by section 33 of the Local Government Act 2002 Amendment Act 2012 (2012 No 93).
        • Section 259E(1)(a): amended, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
        • Section 259E(2): amended, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).